You can set up adjustment transactions as corrections in the general ledger for accounting purposes by using the Project parametersform. When you post transactions using an hour, expense, and fee journal, these transactions are posted as reversing transactions in the general ledger.

  1. Click Project> Setup> Parametersto open the Project parametersform.

  2. On the Generaltab, select the Adjustment of project transactions– correctioncheck box to specify that the adjustment transactions are to be accounted as corrections to the general ledger.

  3. Press CTRL+S or close the form.

  4. Click Project> Journals> Hours> Hour.

  5. Press CTRL+N to create a new journal.

  6. In the Namefield, select the name of the journal.

  7. Click Linesto open the Journal linesform.

  8. In the Project datefield, select the transaction date for the project.

  9. In the Projectfield, select a project number.

  10. In the Categoryfield, select the category of the transaction.

  11. In the Hoursfield, enter a negative value for the hours to be registered for the project transaction.

    Note Note

    For more information, see "Hours journal (form)" in the Applications and Business Processes Help.

  12. Click Postto open the Post journalform.

  13. Select the Transfer all posting errors to a new journalcheck box to specify whether the incorrect lines are to be transferred to a new journal.

  14. Click OKto post the journal.

    Note Note

    The adjustment transaction is posted as a correction transaction in the general ledger.

  15. Click Project> Journals> Expense.

  16. Press CTRL+N to create a new journal.

  17. In the Namefield, select the name of the journal.

  18. Click Linesto open the Journal voucherform, and enter the required details.

  19. In the Quantityfield, enter a negative value for the quantity of the project transaction.

    Note Note

    For more information, see "Expense journal (form)" in the Applications and Business Processes Help.

  20. Click Post> Post and transferto post the error-free vouchers and transfer the vouchers with errors to a new journal.

    Note Note

    The adjustment transaction is posted as a correction transaction in the general ledger.

  21. Click Projects> Journals> Fee.

  22. Press CTRL+N to create a new journal.

  23. In the Namefield, select the name of the journal.

  24. Click Linesto open the Journal linesform, and enter the required details.

  25. In the Sales pricefield, enter a negative value for the sales price of the project transaction.

    Note Note

    For more information, see "Fee transaction journal (form)" in the Applications and Business Processes Help.

  26. Click Postto open the Post journalform.

  27. Select the Transfer all posting errors to a new journalcheck box to specify whether the incorrect lines are to be transferred to a new journal.

  28. Click OKto post the journal.

    Note Note

    The adjustment transaction is posted as a correction transaction in the general ledger.

  29. Press CTRL+S or close the form.

See Also